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Online Premium Payment 580 views June 25, 2021
Max Life provides you a wide range of options through which you can pay the life insurance premium on the due date. Both online and offline premium payment options are available for you. Choose the one that you feel comfortable with to pay the premium. Read this page further and know more about the Max Life Insurance Premium Payment Services.
Table of Contents
You can pay your premium in two minutes by following the steps shown below:
If your bank branch does not fall under ECS-enabled locations approved by RBI (Reserve Bank of India), you can opt for the direct debit facility. This facility is available to the partnered banks only. To allow the premium due amount to be debited directly from your bank account on the date chosen by you, you need to submit a duly filled ECS Mandate Form along with a cancelled cheque to the insurer at least 30 days before your next premium due date.
You can send the ECS documents to:
The auto-debit facility is also available to your credit card (VISA/MasterCard). For online credit card registration, INR 2 will be deducted from your account and the same will be refunded later. Once your credit card is registered for an auto-debit facility, you’ll receive an email/SMS confirmation on your registered email ID/mobile number.
What If You Miss Your Max Life Insurance Premium Payment?
In case you miss your Max Life Insurance Premium Payment, you will get a grace period up to 30 days or 15 days (monthly mode). During the grace period, you can pay your premium without any late payment charges. If you don’t pay your premium even during the grace period, your policy will lapse and you cannot claim any benefits. However, you can revive your policy during the stipulated time period from the first due date by paying all your overdue premiums plus the late payment charges.
Once the policy is lapsed, it can be revived within five years from the due date of the first unpaid premium or before the end of the policy term, whichever is earlier. The insurer may charge a late payment fee that you could see below.
Number of Days Between Lapse & Revival | Late Payment Charge |
---|---|
0-60 | NIL |
61-180 | RBI Bank Rate + 1% per annum compounded annually on due premiums |
More than 180 | RBI Bank Rate + 3% per annum compounded annually on due premiums |
You need to produce evidence of insurability at your own cost. The revival of the policy shall take effect only if it is approved by Max Life Insurance based on the board-approved underwriting policy and the same shall be communicated to you in writing. Once the policy is revived, all benefits will get reinstated to their original levels.
Whereas, if a lapsed policy is not revived within five years or before the end of the policy term, the policy shall be terminated and no value is payable to you.
Note: If your policy has acquired a Surrender Value, the policy shall not lapse on non-payment of premium.
If you pay your Max Life Insurance Premium without any due, you’ll be entitled to the following benefits:
A modal factor converts your annual premiums to smaller and more frequent payments. Let’s check out the Max Life Insurance Premium Payment Modal Factor.
Premium Mode | Modal Factor |
---|---|
Yearly | 1 |
Half-Yearly | 0.513 |
Quarterly | 0.261 |
Monthly | 88 |
You can change your premium payment mode anytime during the premium payment term. So if there is any change in the premium payment mode, the same shall be effective from or coinciding with the next premium due date as per the new premium payment mode selected by you.